Sounds like you have an exciting project ahead of you.
I bought a place that needed a total refurb and I have already spent well over Â£20k with a lot more to go. Multiply that Â£20k by 4 to get a realistic figure (unless you can do most of the work yourself).
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I took early retirement on a Classic pension aged 51. I got no increases until I reached 55, when all the CPI increases for 4 years were added together for one big increase.